Wednesday 4 November 2026 Export PGR’s income statement to Excel — free account

The Progressive Corporation

PGR Financial Insurance Property & Casualty

The Progressive Corporation’s revenue for fiscal 2025 (year ended December 2025) was $87.7 billion, up 16.3% from fiscal 2024.

Revenue: −3.61%
EPS: −1.80%
Free cash flow: −12.3%
Total debt: +21.7%

Quarter to September 2026, against a year earlier

234.92 5.81 +2.54%

Follow PGR

Alert me

Market cap: $133.1B
P/E: 11.5×
Fwd P/E: 12.4×
Dividend yield: 6.07%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

The Progressive Corporation (PGR) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2023: revenue by products and services, and margins
Underwriting operations	58,664	94.45%
Other, not broken out	3,444	5.55%
Gross margin		8.93%
Operating margin		8.93%
Pre-tax margin		7.90%

Revenue by product or service $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Underwriting operations	58,664 94.45%	49,241 99.26%	44,369 93.01%	39,262 92.04%	36,192 92.75%	30,933 96.73%	25,730 95.87%	22,474 95.87%	19,899 95.42%	18,399 94.88%
Other, not broken out	3,444 5.55%	370 0.74%	3,333 6.99%	3,397 7.96%	2,830 7.25%	1,046 3.27%	1,109 4.13%	967 4.13%	955 4.58%	993 5.12%
Revenue	62,109	49,611	47,702	42,658	39,022	31,979	26,839	23,441	20,854	19,391

Revenue by segment $m

Line	FY2012	FY2011	FY2010	FY2009	FY2008
Underwriting Operations	16,018 93.76%	14,903 94.47%	14,315 94.08%	14,013 96.22%	13,631 106.16%
Investment Product	750 4.39%	583 3.69%	616 4.05%	534 3.67%	(807) (6.29%)
Fees And Other Revenues	282 1.65%	267 1.69%	252 1.66%	—	—
Non Insurance Service Business	36 0.21%	23 0.14%	26 0.17%	17 0.11%	16 0.13%
Gains Losses On Extinguishment Of Debt Net Of Expenses	(2) (0.01%)	0 0.00%	6 0.04%	0 0.00%	0 0.00%
Revenue	17,084	15,775	15,216	14,564	12,840

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Agency – auto policies in force	Q3 FY2026	11.3M	10.6M	+6.75%
Combined ratio	Q1 FY2026	86.4×	—	—
Companywide Total policies in force	Q3 FY2026	40.5M	38.1M	+6.33%
Direct – auto policies in force	Q3 FY2026	16.8M	15.6M	+7.87%
Total Commercial Lines policies in force	Q3 FY2026	1.3M	1.2M	+4.51%
Total Personal Lines policies in force	Q3 FY2026	39.2M	36.9M	+6.39%
Total Property business policies in force	Q3 FY2026	3.7M	3.7M	+0.03%
Total special lines policies in force	Q3 FY2026	7.4M	7.0M	+5.87%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q4 FY2023
Agency – auto policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Combined ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Companywide Total policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Direct – auto policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Commercial Lines policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Personal Lines policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Property business policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total special lines policies in force	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.